Should A 26 Year Old Live At Home Given The Circumstances? (renters, buying a home)

[ToriaT]

My thoughts are that he should find room mates or go out on his own. I would not be too keen on a guy like this if I were in my twenties. If its just a temporary situation I could see it or if there was a real reason, other than those given. Lots of people have student debt and manage it even while living away from their parents.

[stan4]

Originally Posted by lycos679

Outside of Russia, which by default isn't America, and excluding Mexicans, I don't think I have seen any multi-generational households.

Europe, India, China, etc, etc, etc...

[lycos679]

Originally Posted by stan4

Europe, India, China, etc, etc, etc...

Those are not American countries. The original poster I replied to stated that living on your own is a white thing, unless the USA became an all white country recently s/he wasn't comparing Americans to non Americans.

[Larry Siegel]

I was married with a kid at that age, so his dilemma is hard for me to relate to. Some goals are worth big sacrifices, so if he has to live with his parents to pay off student loans, maybe it's justified. But I would have rather pumped gas or washed cars than live with my parents at 26, and they were nice people.

[rparz]

Originally Posted by Irishtom29

That's one reason people come to America, so they don't have to live all bunched up. Who in the Hell wants their sons hanging around when they're 10 years into adulthood? Hit the bricks buddy, get with it and leave me in peace, I did my bit. Come over for dinner on Sundays.

You remind me of my pops, when I was a teenager he used to tell me that my 18th birthday gift was going to be a U-haul truck to get the hell out.
After a few scrapes with the police he eased off -- probably figured I wasn't going to do too well fending for myself. Now, I'm across the country, he wants me back. So, I sent him my mint SS Chevelle. To 'keep the fluids' running through it for me.

Originally Posted by CarolinaBredChicagoan

There's nothing WRONG with what the guy's doing (And by "the guy", I mean the OP, since I can't help but assume that he's pulling the old "see, I have this FRIEND who lives with his parents..." thing), but it's also not necessary. Plenty of people make half of what he makes, live with roommates and still pay on their student loans. I did when I was right out of school. He could conceivably live on his own and still pay 20-30k/year toward his student loans if he wanted to get them knocked out.
If he chooses to live with his folks, I sincerely hope he's legitimately attempting to knock the debt out in as little time as possible, and he should put himself on a strict timer. No one wants to be 30 and in Mom's basement.

I was making close to double that and lived with my parents until a month after I turned thirty. That's when I closed on my apartment building after putting 20% down. (no PMI insurance) Two months after I was out, I had the units rented to my buddies and I was living there for free. Just like living at mom and dad's!

Originally Posted by TBideon

I wouldn't advise living at home with your parents, especially since you can afford to move out. Girls, most girls living in the US, are put off by that, regardless of what people do overseas or did 50 years ago in West Town and Little Italy. Sure it would be nice if they didn't, and not all girls are that judgmental, but it's what it is.
Plus it's good to start living on your own, cooking for yourself, doing your own laundry, paying all your own bills, and not relying on your parents. Even if you intend on doing that while you're at home, you'll probably fall into teenage habits.
$55 thou a year is plenty in Chicago for a 26-year-old, even with student debt.

That was tough. I had more than a couple females give me a pass. One even told me 'it must be nice having your mother cutting the crust off your PB&J at thirty.' (that didn't end well)
Even my own friends gave me a bunch of crap.
Everyone figured that I was just giving them a line and really wasn't doing anything productive.


Fast forward. No one lives me crap about anything. No one cares how I got here. Considered a success story. (they still occasionally bring up the fact I made a good buck but drove a car worth $1000 with no AC -- when I could easily afforded more) I'm flush with cash, have expensive toys, a great career and the piece of mind knowing that I don't even need a job to pay my bills.

Wouldn't you know it -- the ladies chase me around now. Funny how things work out.

Do what you know is right -- forget 'everyone else.' When's the last time 'everyone else' did something enviable -- they weren't 'everyone else' anymore, were they?

[Chicago87]

Originally Posted by rparz

You remind me of my pops, when I was a teenager he used to tell me that my 18th birthday gift was going to be a U-haul truck to get the hell out.
After a few scrapes with the police he eased off -- probably figured I wasn't going to do too well fending for myself. Now, I'm across the country, he wants me back. So, I sent him my mint SS Chevelle. To 'keep the fluids' running through it for me.



I was making close to double that and lived with my parents until a month after I turned thirty. That's when I closed on my apartment building after putting 20% down. (no PMI insurance) Two months after I was out, I had the units rented to my buddies and I was living there for free. Just like living at mom and dad's!



That was tough. I had more than a couple females give me a pass. One even told me 'it must be nice having your mother cutting the crust off your PB&J at thirty.' (that didn't end well)
Even my own friends gave me a bunch of crap.
Everyone figured that I was just giving them a line and really wasn't doing anything productive.


Fast forward. No one lives me crap about anything. No one cares how I got here. Considered a success story. (they still occasionally bring up the fact I made a good buck but drove a car worth $1000 with no AC -- when I could easily afforded more) I'm flush with cash, have expensive toys, a great career and the piece of mind knowing that I don't even need a job to pay my bills.

Wouldn't you know it -- the ladies chase me around now. Funny how things work out.

Do what you know is right -- forget 'everyone else.' When's the last time 'everyone else' did something enviable -- they weren't 'everyone else' anymore, were they?

Did you say you made close to $100,000 and decided to live with your mom until you were after 30 years old?

[rparz]

Closed on the place 10 days after my thirtieth birthday. I had a stack of cash and was looking at apartment buildings to buy for about a year and a half before I found the one that made sense. (and I had enough cash)
Put enough down so the rents basically paid for me to live there. And, glad I saved a little more, because I spent about 25k the first two months in repairs and freshening up.

Was it glamorous living with my parents at that age?
No. But since I wasn't fortunate enough to be gifted with parents with money, I thought outside the box to accomplish my goals.

But, I'm soooooo glad I made it happen instead of making excuses.
It's been a home run six ways from Sunday, and now it's paying me money, and I don't even have to get out of bed.

Fast forward to now -- I'm currently eyeballing another building to buy.....

[Chicago87]

Originally Posted by rparz

Closed on the place 10 days after my thirtieth birthday. I had a stack of cash and was looking at apartment buildings to buy for about a year and a half before I found the one that made sense. (and I had enough cash)
Put enough down so the rents basically paid for me to live there. And, glad I saved a little more, because I spent about 25k the first two months in repairs and freshening up.

Was it glamorous living with my parents at that age?
No. But since I wasn't fortunate enough to be gifted with parents with money, I thought outside the box to accomplish my goals.

But, I'm soooooo glad I made it happen instead of making excuses.
It's been a home run six ways from Sunday, and now it's paying me money, and I don't even have to get out of bed.

Fast forward to now -- I'm currently eyeballing another building to buy.....

Where is your apartment building located at, how many units, how much was it?

[rparz]

If you really want to know you can PM me.

[MarkHafeli]

Your friend should not be considered a loser. Paying off debt by staying home and saving money is a sacrifice, but it's well-worth. Once the debt weight is lifted, your friend will have a lot more money to do whatever he/she wants to do and can probably buy a place while their friends keep renting. Now that's cool